Components needed for a new business opportunity
Here are the components to look out for to help you spot or improve your chances of opportunity:
Do you have experience?
Do you have experience within this field? You will probably need to have experience within the industry. If you are not experienced in the industry you are wishing to enter you will have to do a lot of research. Try to spend time with people in this industry, study everything about it and start to gain experience.
Is there a Need?
Have you witnessed first hand people needing your product or service? If so there may be an opportunity. If you have a new business idea, make sure that you contact as many people as possible to help you find out if there is a need for the service or product you are offering. Make sure you do your research.
Are there customers waiting for your product or service?
You will need to start earning from your product or service as soon as possible. If you have many customers already waiting for your product or service it is a good sign of an opportunity.
Do you have the resources?
Do you have the funds and resources to be able to build a prototype of the product or service? If not you will have to start gathering the resources and funds to enable you to get started.
You will need to have a good business model in place that will make sure that the pricing and costs allow you to make a profit.